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Retailers expecting electronic payment sales to be up

Dec 02, 2012 Dave King

Businesses may want to invest more in an electronic payments strategy, as online purchases are expected to increase drastically this year during the holiday season. A recent CIT survey found that nearly 40 percent of American mid-market retail executives anticipate stronger sales numbers than in 2011, driven largely by the internet and social media. "They know who their customers are and how to communicate with them," said Burt Feinberg, group head of CIT's commercial and industrial team. Another recent survey by indicated executives have good reason to be optimistic. Nearly half of respondents said they plan to spend more money on Cyber Monday alone than in-store purchases throughout the rest of the holiday season, and 54 percent plan to spend between $100 and $500 online. Another 6 percent of respondents said they will spend anywhere from $500 to $10,000 on Cyber Monday. The study also revealed that Cyber Monday is gaining popularity, as 61 percent of respondents said they know what it is compared to 48 percent a year ago. In addition, the number of employees who plan to shop while at work jumped from 24 percent to 37 percent in 2012.